Class8DecisionMaking - Making Decisions Management I Dr Emich 1 Leadership 360 Announcements Ratings should all be in We are working on cleaning up the

Class8DecisionMaking - Making Decisions Management I Dr...

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1 Making Decisions Management I Dr. Emich
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2 Leadership 360 Announcements Ratings should all be in We are working on cleaning up the data now Reports should be published soon (maybe sometime towards the end of the week) – you will get an e-mail directing you back to the system to download your report
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3 For Next Week Read “Use Goals as a Guide” which is in your purchased coursepack Review your Leadership 360 report, the paper instructions, and the worksheet and come to class with your questions Quiz!
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Last Week - Common Biases in Social Perception Fundamental Attribution Error Halo Effect Power Bias Self-Fulfilling Prophecy Set up to fail Syndrome Ingroup/Outgroup Bias Implicit Biases 4
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Decision Making: A Broader Look
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6 Dan Ariely on TED Dan Ariely on Framing
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7 Decision Traps Predictable, stable, heuristic processes that occur without our realizing they’re happening Most dangerous when: You’re in a position of power You’re under time pressure You’re trying to multi-task You’re stressed out or overly tired (or both)
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Three Major Heuristics Availability Anchoring Representativeness 8
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9 Availability/Recallability Bias The tendency for people to base their judgments on information that is readily available to them (even if it’s not the most representative or relevant) Primacy & Recency are one subset of this Vivid, dramatic examples distort our perception of the base rate (power of the media) E.g., fear of flying (esp. after 9/11), perception that violent crimes on school grounds are going up, annual performance appraisals Be wary of this when you read your 3DLP reports (qualitative vs. quantitative feedback)
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10 Anchoring Bias (or “Anchoring & Adjustment”) The tendency to focus on one value or idea (the “anchor”) and not adjust away from it sufficiently.
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  • Fall '12
  • KyleEmich
  • Decision Making, sunk costs, Dan Ariely, Time¬†Pressure, mature market, Sunk cost dilemma

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